Rental Property with hard money loans

[Todd Fullerlove]

Hello BP friends,

There are multiply arguments I hear when I talk to folks about using hard money loans for rental properties. Some seems to love them, others seems to believe a person is ridiculous for using them. Regardless of our opinions, we all can agree that hard money loans are an options to fund a deal. Weather or not its a good option is debatable. 

We just purchased a home for 13K in Oklahoma. That deal was a crazy ride and I'll write a blog about that later. After we purchased the property, we found out the neighbors are wanting to sell their house too. They bought a house for their kids to go to college and now they are graduated and they don't want to be landlords so they started a conversation with us.   

Our lender only wants to fund one deal at a time and we only have enough to fund one rehab. The neighbors house came out of the blue but just like any person who wants to be a millionaire investor, we have to take advantage of good opportunities. So BP world, what do y'all think about using a hard money lender for a rental property? Is there good, great or terrible experiences anyone would like to share?